BA205 Test 1 Chapters 1-6

Larger values of α have the disadvantage of increasing the probability of making a _____.

Type I error

_____ assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors.

Utility theory

A data visualization tool that updates in real time and gives multiple outputs is called _____.

a data dashboard

A Type I error is committed when _____.

a true null hypothesis is rejected

When working with data sets in Excel, _____ can be used to automatically highlight cells that meet specified requirements.

conditional formatting

Data dashboards are a type of _____analytics.

descriptive

In order to manage an organization's human resource activities, such as hiring employees, tracking, and influencing employee retention, HR personnel use _____.

descriptive and predictive analytics.

The variance is based on the

deviation about the mean.

A variable that can only take on specific numeric values is called a _____.

discrete random variable

In a(n) _____, one or more variables are identified and controlled or manipulated so that data can be obtained about how they influence the variable of interest identified first.

experimental study

A two-dimensional graph representing the data using different shades of color to indicate magnitude is called a _____.

heat map

An effective display of trend and magnitude is achieved by using a combination of a _____.

heat map and sparklines

Bar charts use _____.

horizontal bars to display the magnitude of the quantitative variable

Tactical decisions are concerned with _____.

how the organization should achieve the goals and objectives set by its strategy

A disadvantage of stacked-column charts and stacked-bar charts is that _____.

it can be difficult to perceive small differences in areas

In a business, the values indicating the business's current operating characteristics, such as its financial position, the inventory on hand, and customer service metrics, are typically known as _____.

key performance indicators

Data sets commonly include observations with missing values for one or more variables. In some cases missing data naturally occur; these are called _____.

legitimately missing data

A time series plot is also known as a _____.

line chart

An analysis of items frequently co-occurring in transactions is known as _____.

market basket analysis

You are _____ to commit a Type I error using the 0.05 level of significance than using the 0.01 level of significance.

more likely

In k-means clustering, k represents the _____.

number of clusters

A set of values corresponding to a set of variables is defined as a(n) _____.

observation

The data collected from the customers in restaurants about the quality of food is an example of a(n) _____.

observational study

Euclidean distance can be used to measure the distance between _____ in cluster analysis.

observations

A decision concerned with how the organization is run from day to day is known as a(n) _____.

operational decision

Any data value with a z-score less than -3 or greater than +3 is considered to be a(n) _____.

outlier

The purpose of statistical inference is to make estimates or draw conclusions about a _____.

population based upon information obtained from the sample

A random sample selected from an infinite population is a sample selected such that each element selected comes from the same _____ and each element is selected _____.

population; independently

Advanced analytics generally refers to _____.

predictive and prescriptive analytics

In the financial sector, _____ are used to construct financial instruments such as derivatives.

predictive models

A joint probability is the _____.

probability of the intersection of two events

The act of collecting data that are representative of the population data is called _____.

random sampling

The difference between the largest and the smallest data values is the __________.

range

The simplest measure of variability is the _____.

range

In many cases, white space in a chart can improve _____.

readability

The _____ is a point estimate of the population mean for the variable of interest.

sample mean

A _____ is a graphical presentation of the relationship between two quantitative variables.

scatter chart

Observation refers to the _____.

set of recorded values of variables associated with a single entity

A line chart that has no axes but is used to provide information on overall trends for time series data is called a _____.

sparkline

To avoid problems in interpreting the differences in color in a heat map, _____ can be added.

sparklines

A _____ decision involves higher-level issues and is concerned with the overall direction of the organization, defining the overarching goals and aspirations for the organization's future.

strategic

Picks and Axes Inc. is an Internet-based retail seller of hiking boots and mountaineering gear. The company decides to open retail stores across the major areas of the city to help complement its Internet-based strategy. This activity would be categorized as a(n) _____.

strategic decisions

The decisions concerning an organization's goals and future plans are called

strategic decisions

The process of extracting useful information from text data is known as _____.

text mining

The basis for using a normal probability distribution to approximate the sampling distribution of the sample means and population mean is _____.

the central limit theorem

Sample space is _____.

the collection of all possible outcomes

All the events in the sample space that are not part of the specified event are called _____.

the complement of the event

The center of a normal curve is _____.

the mean of the distribution

Tables should be used instead of charts when _____.

the values being displayed have different units or very different magnitudes

All of the following are examples of discrete random variables except _____.

time

Data collected from several entities over a period of time (minutes, hours, days, etc.) are called _____.

time series data

Simulation optimization helps _____.

to find good decisions in highly complex and highly uncertain settings

A light bulb manufacturer uses descriptive analytics _____.

to present supply chain to managers visually.

The process of dividing text into separate terms is referred to as _____.

tokenization

In the text mining process, the text is first preprocessed by deriving a smaller set of _____ from the larger set of words contained in a collection of documents.

tokens

Utility theory is the study of the _____ or relative desirability of a particular outcome that reflects the decision maker's attitude toward a collection of factors, such as profit, loss, and risk.

total worth

A _____ is useful for visualizing hierarchical data along multiple dimensions.

treemap

A _____ is a line that provides an approximation of the relationship between the variables.

trendline

A quantity of interest that can take on different values is known as a(n) _____.

variable

The processes that generate big data can be described by the following four attributes or dimensions:

volume, variety, veracity, and velocity

A visual representation of a document or set of documents in which the size of the word is proportional to the frequency with which the word appears is called a _____.

word cloud

A _____ determines how far a particular value is from the mean relative to the data set's standard deviation.

z-score

A graphical presentation that uses vertical bars to display the magnitude of quantitative data is known as a _____.

column chart

Which of the following is not an approach to making decisions?

Guess and check

What is the total area under the normal distribution curve?

1

_____ acts as a representative of the population.

A sample

Which of the following best exemplifies big data?

Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.

A sample of 92 observations is taken from an infinite population. The sampling distribution of is approximately normal because of what theorem?

Central limit theorem

_____ are collected from several entities at the same point in time.

Cross-sectional data

A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction.

Data mining

The U.S. Internal Revenue Service uses _____ to identify patterns that distinguish questionable annual personal income tax filings.

Data mining

The use of analytical techniques for better understanding patterns and relationships that exist in large data sets is _____.

Data mining

_____ are analytical tools that describe what has happened.

Descriptive analytics

_____ is an open-source programming environment that supports big data processing through distributed storage and distributed processing on clusters of computers.

Hadoop

_____ is the most critical step of the decision-making process.

Identifying and defining the problem

Which of the following is true of Euclidean distances?

It is commonly used as a method of measuring dissimilarity between quantitative observations.

DJ needs to display data over time. Which of the following charts should he use?

Line chart

Which of the following sources of big data is not publicly available?

Medical records

Which of the following are necessary to be determined to define the classes for a frequency distribution with quantitative data?

Number of nonoverlapping bins, width of each bin, and bin limits

To summarize and analyze data with both a crosstabulation and charting, Excel typically pairs _____.

PivotCharts with PivotTables

_____ analytics are techniques that use models, constructed from past data, to predict the future or to ascertain the impact of one variable on another.

Predictive

In the spectrum of business analytics, which is the most complex?

Prescriptive

Which of the following gives the proportion of items in each bin?

Relative frequency

Which of the following graphs cannot be used to display categorical data?

Scatter chart

_____ analytics use techniques that take input data and yield a best course of action.

Strategic

_____ refers to the number of times a collection of items occurs together in a transaction data set.

Support count

What percentage of the data values will be within two standard deviations of the mean for a bell-shaped distribution?

The empirical rule states that 95% of data values will be within two standard deviations of the mean.

_____ merges maps and statistics to present data collected over different geographies.

The geographic information system

Which of the following is a characteristic of the normal probability distribution?

The mean, median, and the mode are equal. The mean of the distribution can be negative, zero, or positive. The distribution is symmetrical.

Which of the following is a discrete random variable?

The number of times a student guesses the answers to questions on a certain test

Which of the following is not a characteristic of the normal probability distribution?

The standard deviation must be 1

A chart that is recommended as an alternative to a pie chart is a _____.

bar chart

The charts that are helpful in making comparisons between categorical variables are _____.

bar charts and column charts

If the expected value of the sample statistic is equal to the population parameter being estimated, the sample statistic is said to _____.

be an unbiased estimator of the population parameter

In order to visualize three variables in a two-dimensional graph, we use a _____.

bubble chart

Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen.

data dashboards

The extraction of information on the number of shipments, how much was included in each shipment, the date each shipment was sent, and so on from the manufacturing plant's database exemplifies _____

data queries

When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses _____ to develop an optimal strategy.

decision analysis

_____ may be used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain set of future events.

decision analysis